World News
Crude Futures Drop Further Amid Wider Sell-Off on Global Economic Concerns
Monday August 5, 2024
Crude futures dropped on Monday morning -- having reached a six-month low on Friday -- amid a sell-off in a wide range of assets on global economic concerns.
ICE Brent futures had lost $2.71/bl to $76.81/bl on Friday, reaching the lowest closing level since February 2.
On Monday they dropped further, slipping by $0.96/bl from Friday's close to $75.85/bl as of 7:03 AM in London.
Asian stock markets dropped sharply on Monday morning after weak jobs data from the US on Friday prompted concerns of a potential recession.
The crude market is likely to see significant volatility this week, with the possibility of a wider war in the Middle East having the potential to drive oil prices higher despite the economic concerns.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 579.00 | 3.50 | 622.00 | 5.50 |
| Rotterdam | 503.50 | 0.50 | 612.50 | 3.00 |
| Houston | 498.00 | 0.00 | 638.50 | 5.00 |
| Fujairah | 577.00 | 2.00 | 776.00 | 3.00 |
| Global 20 Ports Average | 589.50 | 2.00 | 730.50 | 1.00 |
| Global 4 Ports Average | 539.50 | 1.00 | 662.00 | 1.50 |
| Global Average Bunker Price | 635.00 | 1.50 | 808.00 | 0.00 |
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